tv Forbes on FOX FOX News May 19, 2012 8:00am-8:30am PDT
tower. 12-13 and keep going >> i think it is a bit of a bounce. >> european central bank. good luck. and thanks everybody. we have david asbin on forbes on fox. the network for business. >> hundreds of thousands of americans are losing their extended jobless benefits and some on forbes say that is a great news to the job market. that is on the flip side. here is steve forbes and rich, and victoria and rick and elizabeth. and so rich, why is it good that jobless benefits are expiring? >> when a democratic president clinton ended welfare in the 90s. it was good for recipients and people learned how to get up go to job. it is call would tough love .
u would like to have a four percent growth economy to end jobless benefits, but we don't have that and it is not going to happen under the jobless administration. >> it is tough medicine but in the end it is for the good. >> look, i mean, we are all happy that there is jobs opening up this is a reflection on the good work done by the administration. what does concern me is the people out there saying, now the people who are cruising on unemployment are forced to go and get a job. >> average check to someone on unemployment is south of $300 a week. there are people who are watching the show who are trying to support a family on less than $300 a week f. you done think they are not trying to find anything, you are not honest. they want jobs all along. it is not like you are overly
trained you can walk in and get a job in mcdonalds. >> even the president's chief economic advisor wrote a paper back in 2008 suggesting that there is a correlation between unemployment benefits and joblessness. that is, incentives matter and the more incentive to get a job, sometimes the more you find jobs. >> yeap. i read enough about the topic to believe that that is absolutely true in many cases. there are exceptions but the most part, that $300 check is not enough to support a family, but is it enough to hold you back from finding the job? it might be. especially when finding a job is darn tough. what we risk is the ballooning in enment pending and not a healthy place to be. it is time to cut back a bit.
we do see jobs out there. >> it is not only the jobless benefits but the food stamps that other people are going for. it is more than the $300 figure that rick was talking about. >> i am of the mind set. we want to help the poor. we want to help people who need food stamps to get that. but you can't do 99 weeks of unemployment benefits when you have economic policies that caused two percent gdp growth. that is flattened growth and you have a social safety net where country after country is victims of the safety net. it is private job creation. and come from companies less than five years old . they are panicked over what they see out of the washington. >> after 99 weeks tis a habit,
isn't it? >> i think the expiration of benefits will stimulate people and depress other people who can't pay for groceries. there is a way to get liquidity in a tough job market and don't destroy incentives. give workers ownership of the unemployment funds . tell them any unused amounts will be theirs in retirement. steve. we saved you for last. put it all in a package. do unemployment benefits incent vise people not to get a job? >> after a while it does happen. even denmark one of the safety nets in the world sharply cut back the length of time several years ago and found people got jobs when they felt they had to. they are starting a business which a lot of the people do. that's how you get the economy
rolling again. >> this is president obama's chief economic advisor and wrote across the 50 states, job search is inversely related to the generosity of unemployment benefits. this is the president's own economic advisor. >> we'll see how this turns out. i am very sensitive to what comes across and suggesting that people will get in a habit. when you are trying to raise a family of four on $300 a week. that is not something that becomes a habit that. becomes a complete pain. yes, there are people who will take advantage and i agree at some point we do run out of money. vilifying people who are trying their hardest. >> who is vilifying people who are trying their hardest. but rich, the fact is, there are times when tough medicine needed to be taken. under ronald reagan, the
republican. and bill clinton, who changed the welfare rules. at time they were escoreated by that time saying you are against the poor; but in the long run it helped everybody, no. >> sometimes it just takes tough love. you don't tell an alcoholic or addict to cut back. i am not saying people who are jobless have put themselves in that situation it is entire country's responsibility here. but rather than tax or over tax people and add to the national debt. what president obama should do is get on the bully pulpit and get the people who are employed and doing well to get time to train the unemployed and think about adding new yobs. we can do this as a country. first george bush talked about the thousand points of light. this is what we need and not more taxes. >> i hear what rich is saying
getting the people who create jobs and attack vilified by the white house. he could make a rainbow sound defeatist. and it is sort of like time and again in the periods of the united states. and the united states with amnezia. but the problem is economic policiless are so bad and overtaxation and over regulation and hyper invasion. >> vicki? >> i have a radical idea here. long-term unemployed are people in the 50s and ten to be older. if we increased the age that you become eligible for social security. we would see a rise in . employment levels in older people. because of the social security age that older people are retiring and not good workers. it is disadvantaging the workers and that's why they are in the unemployment numbers. >> the key question is whether
the unemployment is a safety net. we all agree it is a crush and becomes hard for people to get rid of it. >> over time it does end up hurting you rather than hurting you . that gets to the thing. more the administration fails, more you have debates like we did well in 26 weeks until the president, the last few yearings most unemployed got employed after losing their jobs that. is loselost because of the slub sluggish economy. >> new health care law man date and insurers are forced to praise a new law when mailing out rebate checks. is this about saving your pocket book or politics . [ male announcer ] how do you trade? with scottrader streaming quotes, any way you want. fully customize it for your trading process --
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>> good morning, everyone. i am jamie colby and breaking news from the g-8 summit going on in camp david. president obama welcoming world leaders. the president riaif i wering the g-8 commitment tos on north core or unless they stop the pursuit of nuclear weapons and in an hour the president depars for the nato summit in chicago. and now famous blind chinese activist en route to the u.s.. chen guangcheng bound for the newark airport in new jersey. this ends a month long diplomatic stand off in u.s. and china. and we'll see it again on the news headquarters. now back to forbes on fox.
>> this rebate is brought to you by obama care. first health care law acquired insurance. and now the same companies have to put this in writing to the customers and everyone knows that the refunds are because of the new health care law. >> steve, you say it is more about politics than saving money. >> you are a president for chicago and you send out an election that is politics pure and simple. costs have up because of obama care they are harming people . insurers pay that back what does that mean. they are ultimatelien out of your pocket. >> and why is it necessary by law it state that this refund comes because of the health care law . the government is not
accepteding out checks for elections or any other purpose. this is a rilt of a rule . rick, rick, rick, i have a point of order. the government is mand dating. i am clear we'll get to that . steven made it sound like the government was sending out checks. they are not. they are required to give back to insurance payers if they didn't spend 85 percent of the what we have. >> we don't have a lot of time. rule that wie ban date because of obama care. >> we are simply giving back money. and is it politics that they did this? >> of course it is pol techings. big shot there. what is the reason for this?
politics or saving people money. >> and i like saving money . like the cost premiums are going for the medical care. it was signed and enacted in 2010. why did not the rebate checks come out. it sounds fishy to me. and the premium. and solid stakes of what the president needs. he is forced to say at gun point they loved their
promise. the reason it is starting this year. insurance companies beg underlying begged the administration and they wanted time to adjust and they got it. it is the second point. and i understand of course, he is going to explain to people why he will be and not be getting a check. rebates are coming and increases after the election. >> that is politics pure and simple.
and that is supposed to buy your vote. >> last word and half a billion in bonuses and not for wall street brokers but government workers. guess what is paying for it they deserve their money back. first right here a warning to business people that this might be blowing into one of america's biggest cities coming this weekend. man: 1939 -- my parents ran across an ad for a hot dog cart. my mother said, "well, maybe we ought to buy this hot dog cart and set it up someplace." so my parents went to bank of america. they met with the branch manager and they said, "look, we've got this little hot dog cart, and it's on a really good corner.
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>> well, it is not greece yet but authority in chicago are bracing for the protest in the nato summit in the next couple of days. protestors are arrive businesses urging them to abandon the coats and ties for jeans and t-shirts and banks chosing down out of safety concerns for their workers and you say it is outof control and hurting the control. and this is with coercion and instead of intimidation and persuasion. that hurts. and despite main stream media. that is not good for the country. >> a lot of folks don't
believe in private property and they don't hold it sacred and abuse it >> here in new york and protestors are literally on my doorstep and i relate that it is a nuisance and it is first time, and first time chicago was ever seen and an event of this magnitude. they are right to be planning for the worst. protestors are there because it is high security and publicuation . and in the end of the day it comes down to how the police handle protestor . i am quoting. taxpayers will not pay anything from this. and restaurant owners are interviewed saying we don't have customers coming. there is a cost here. >> long-term it is positive
for the economy and protestors are saying how much they hate the economy under the obama administration and they don't offer a alternative or solution and just complaining what they are saying in the free market. the free market is the way to go. >> rick, what do you think about the theory? i don't know about the ozanian theory. but i am marveling in the tea party demonstrations and that certainly suggested whiffs of violence. protest is as american as apple pie. i know chicago has it under control and had an opportunity to see the plan as morgan put it. this is going to be fine and this is something that happens . by the way, anybody staging that protest on the streets of
chicago whether you liked them or didn't like them. that would be affected for the day. >> victoria. the fact is demonstrations are out of the control . and there is a concern. there is a concern that this could get out of control. >> i am not concerned about the out of control aspect of it. it is incoherent . watching the videos we have had up. i can't tell you what they are protesting, it is like anti-war and tax the rich and save the environment and give us jobs and to mike's point what is this? in san francisco, occupy is the new sexy term for yown protest. union protest in san francisco is coming with union pickers and like a rag tag band of hippis and younger people protesting. >> guys, we have to go but